Will BTC fill a new CME gap on the way down?
The past few days have been nothing short of violent rollercoasters that sent bitcoin and most altcoins to multi-month lows.
Analysts are now divided over whether the largest cryptocurrency has bottomed at $94,000 after dumping $13,000 in just three days.
Final shakeout coming?
BTC is notorious for its volatility, especially in the TradFi ecosystem, where double-digit price movements in either direction are almost never observed. Bitcoin has certainly matured lately compared to the previous massive crashes of 20-30% per day. However, it is still subject to some lively fluctuations, which now seem more violent given the higher price. But in percentage terms, even yesterday’s big crash pales in comparison to countless others in the past.
Some analysts called Friday’s crash a piece of cake, while others think the real bottom has not yet been reached and the value could fall to $74,000. Merlin The Trader also noted that there could still be a backlog on BTC’s cards, due to the existence of a CME gap of around $92,000. Such gaps are often filled, even weeks or months later, and Merlin suggested that the final shakeout could be just around the corner.
BITCOIN LOVES TO FILL THE GAPS.
$97K: DONE.
$92K: NEXT?The latest shakeouts are brutal.
But once they’re done…Bitcoin takes off when everyone least expects it. https://t.co/wAoRkGFRn2 pic.twitter.com/9q7dYV3Z6C
— Merlijn The Trader (@MerlijnTrader) November 15, 2025
The Bull Case
After predicting a new retracement to $92,000, the analyst outlined that this could be just the push the cryptocurrency needs to stage another rally to new highs. In a separate message, Merlin noted that Phase E was confirmed because the Wyckoff blueprint was “played out to perfection.” He doubled that this is the last zone of shakeouts and added:
“This is where smart money quietly tops up…
While retail is crying out for lower prices.The cycle always repeats itself.
The question is: are you ready this time?
In addition, Merlijn outlined the declining BTC reserves on the exchanges, which have just reached a new low. He noted that such supply drops are rarely combined with price drops, describing this as the “perfect storm brewing.”
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BULLISH SIGNAL:
BITCOIN EXCHANGE RESERVES JUST ARRIVE
THE LOWEST LEVEL IN HISTORY.THE OFFER HAS DISAPPEARED.
THE PRICE IS PULLING BACK.THIS COMBO IS EXTREMELY RARE.
WHEN THE PRICE FALLS WHILE THE SUPPLY IS AT A RECORD LOW…THE PERFECT STORM IS BREWING. pic.twitter.com/laymsrqK9v
— Merlijn The Trader (@MerlijnTrader) November 15, 2025
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